Discuss "Deficit spending paves the road to ruin. If we keep it up, the whole nation will go bankrupt. Even if things do not go this far, what right have we to burden our children and grandchildren with these debts while we live high on the hog?" Discuss the size of recent deficits and accumulated national debt, how much of the national debt is held by foreigners? is there a problem with the amount of the nation al debt being held by foreigners?